What are the visa & residency requirements in Luxembourg?

"In order to visit Luxembourg, foreign nationals must obtain a Schengen visa from the Luxembourgish Embassy or Consulate in their home country. The process of applying for a visa involves submitting a completed application form, a valid passport, two passport-sized photographs, proof of accommodation, proof of financial means, and a travel itinerary. In order to obtain residency in Luxembourg, foreign nationals must apply for a residence permit. The process of applying for residency involves submitting a completed application form, a valid passport, two passport-sized photographs, proof of accommodation, proof of financial means, proof of health insurance, and a criminal record check. Depending on the purpose of the stay, additional documents may be required," mentioned another expat when asked about moving to Luxembourg.